The use of cash is declining at a significant rate with people worldwide opting for cashless, always available methods of payment. As a result, financial institutions’ back-end systems must also adapt and accommodate for those new demands, and a consolidated platform such as Payments Hub is an effective way to do so.

Let us highlight a few reasons why financial institutions should invest in solutions like ProgressSoft’s Payments Hub Platform.

360° view of the entire payments’ ecosystem in real-time

Payments Hub provides an entire view of the payments’ ecosystem and acts as a single orchestrator for transaction management. It increases efficiency, reduces workflows, time, and costs of updating core banking systems.

ISO 20022 compliance

Payments Hub acts as one solution for domestic and international payments, improves crime control, offers operational efficiency through straight-through processing, translates MT<>MX and offers easily reconcilable messages. (1)

Safety and security

71% of entities were affected by payment fraud attacks/attempts in 2021 (2). This can be reduced by Payments Hub as it is integrated with AML/CFT and sanction list screening systems.

Profitable opportunity

Open APIs and open banking which can be availed by Payment Hub are estimated to generate more than $9 billion in profit opportunities for financial institutions engaged with it. (3)

Cross-border payments

Digital cross-border remittances have an estimated 45% transaction growth between 2021-2025 (4), which can be facilitated by Payments Hub as a Cross-Border Payments and Reporting Plus (CBPR+) ready solution.

Profitable opportunity

A 42% increase in the volume of cashless payments by 2025 will increase the need for a consolidated platform like Payments Hub. (5)

References

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